EUR/GBP: sell targets – 0.7060 and 0.7010
By: Dima Chernovolov
- EUR/GBP falls inside intermediate (C)-wave
- Next sell targets – 0.7060 and 0.7010
EUR/GBP has been falling steadily from the start of this month, when the pair reversed down from the resistance zone lying at the intersection of the major resistance level 0.7400 (which has been reversing this currency pair from March, as you can see below), the resistance trendline from December and the upper daily Bollinger Band. The downward reversal from this resistance zone started the active minor impulse wave 3 (of the intermediate (C)-wave from May).
EUR/GBP is likely to fall further toward the next sell targets at 0.7060 (low of impulse 1) and 0.7010 (low of wave (A)).